CoreWeave (NASDAQ: CRWV) has agreed to acquire Core Scientific (NASDAQ: CORZ) in an all-stock transaction valued at approximately $9.0 billion, further accelerating its strategy to vertically integrate data center infrastructure for AI and high-performance computing (HPC) workloads. The deal, announced today, follows CoreWeave’s March 2025 IPO and reflects the company’s effort to reduce lease overhead and future-proof its infrastructure growth.
Under the agreement, Core Scientific shareholders will receive 0.1235 CoreWeave Class A shares for each Core Scientific share held. Upon closing, CoreWeave will gain ownership of Core Scientific’s 1.3 GW of gross power capacity across its national data center footprint, with an additional 1 GW of potential expansion. Core Scientific’s crypto-mining footprint—roughly 500 MW—may be repurposed for AI workloads or divested in the future. The combined entity expects to unlock $500 million in annualized run rate savings by 2027, largely by eliminating over $10 billion in future lease liabilities and optimizing operational costs.
CoreWeave aims to leverage Core Scientific’s expertise in data center development to streamline its infrastructure buildouts. The deal positions CoreWeave to control power procurement, enhance operational flexibility, and pursue more favorable financing structures. Core Scientific shareholders will own less than 10% of the merged company upon close, which is expected in Q4 2025 pending regulatory and shareholder approvals.
- CoreWeave to acquire Core Scientific in all-stock deal valued at ~$9B
- Core Scientific shareholders to receive 0.1235 CoreWeave Class A shares per share
- Combined company to control ~1.3 GW gross power, with 1 GW+ expansion capacity
- Expected $500M in annualized cost savings by end of 2027
- Eliminates $10B+ in lease overhead and improves financing optionality
- Crypto-mining assets may be repurposed or divested over time
“As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide,” said Adam Sullivan, President and CEO of Core Scientific. “Together with CoreWeave, we will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI.”
- CoreWeave operates one of the largest purpose-built cloud infrastructures optimized for AI and high-performance computing workloads in North America. Unlike traditional hyperscalers, CoreWeave’s infrastructure is designed specifically for parallel compute at scale, offering tightly integrated systems that support GPUs across a high-bandwidth, low-latency fabric. The company partners closely with NVIDIA and other leading hardware vendors to deliver high-throughput environments for training and inference, supporting workloads like generative AI, large language models, and scientific simulations. CoreWeave’s infrastructure includes ultra-efficient data centers with advanced cooling, dense compute racks, and custom orchestration software to maximize utilization and performance.
- Headquartered in Austin, Texas, Core Scientific operates large-scale, purpose-built data centers designed for energy efficiency and compute-intensive workloads, including Bitcoin mining and GPU-based AI applications. Founded in 2017, Core Scientific has grown to become one of the largest digital asset mining companies by hash rate and infrastructure capacity, with operations spanning several U.S. states and a current operational capacity exceeding 1.3 gigawatts of power. The company emerged from Chapter 11 bankruptcy in early 2024 with a restructured balance sheet and has since shifted focus toward long-term hosting agreements and energy-optimized infrastructure to support enterprise customers. Core Scientific is led by CEO Adam Sullivan, who joined the company in 2023 with a background in digital asset finance and restructuring.
